FEC approves establishment of planetarium and museum to boost tourism and generate N30 billion

  • Nigerian tourism could experience a revival as soon as the Federal Executive Council (FEC) approves the establishment of two potent tourist attractions
  • There will be the construction of a planetarium and a museum in the Federal Capital Territory (FCT)
  • The construction of the project is believed to take 15 years, while a revenue of 30 billion naira has been forecast

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FCT, Abuja- The Federal Executive Council has approved the establishment of a planetarium and museum at the National Space Research and Development Agency (NASRDA).

This was done in a statement made available to Legit.ng, Wednesday, November 2.

The construction of the planetarium and museum is expected to take 15 years while its revenue generation potential is around N30 billion. Photo: Villa Aso Rock
Source: Facebook

As stated in the statement, the project is expected to adopt the public-private partnership model of equipment, operation and maintenance, in accordance with the regulatory guidelines of the Infrastructure Concession Regulatory Commission (ICRC).

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The statement reads as follows:

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“The project is designed to operate for a concession period of 15 years and will generate a total of N30 billion for the federal government and the private sector investor.”

Similarly, the project is expected to be executed by the National Space Research and Development Agency (NARSDA) with MM. Atlantic Factorial Limited as dealer.

“Planetarium and museum to be built to boost tourism” – Ohiani

Meanwhile, ICRC director-general Michael Ohiani said the projects would boost the country’s tourism sector and stem capital flight.

He said a total of 2,160 visitors are expected each week, of which 360 will engage in the skydiving section and 1,800 visitors for other tourist activities.

A planetarium is a domed building into which images of stars, planets, and constellations are projected for the entertainment or education of the public.

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Following FEC approval, the next stage of the project is the signing of the agreement between NASRDA (Grantor) and Milky-Way Visuals Ltd, the Special Purpose Vehicle (SPV) set up by the licensee to specifically manage the project.

FG to investors, ‘Nigeria is safe for investment’ as ICRC rolls out 53 projects worth $22bn

In another development, the Infrastructure Concessions Regulatory Commission (ICRC) hosted the Africa Public-Private Partnership Network Investment Summit in Abuja on Monday July 4th.

ICRC boss Michael Ohiani told the summit that the agency already has 53 public-private partnership (PPP) projects on the map.

He disclosed that these projects were worth $22 billion as he urged foreign and local investors to invest in Nigeria.

Source: Legit.ng

Arline J. Mercier